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LIC Housing Loans in India

LIC or Life Insurance Corporation is a well established name in the financial field of India. It is also one of the most trusted brands for financial solutions in India. LIC housing finance limited is a part of LIC providing housing loans to the customers in order to fulfill their dream of having a house or apartment of their own. It has been established on 1989 and has been serving their customers to build or reconstruct their homes since then. This service has been preferred by most of the Indians due to the reliable brand name it has in the market.

Housing loans provided by LIC is quick as well as hassle free. LIC provides housing loans facilities for the construction or purchase of flats or apartments or houses. One could also use LIC housing loans for renovating or reconstructing their residence. LIC housing loans are offered on long term basis as well as the interest rates are also low. LIC provides numerous housing loan options for individuals and the customers can select a housing loan from LIC based on the preferences and criterions. Some of the home loan schemes offered by LIC are:

Griha Lakshmi – this is one of the best home loan plans offered by LIC and this plan is strictly applicable only to Indian residents. This plan is offered at competitive interest rates and its tenure period can be 15-20 years.

Griha prakash – the minimum loan amount that can be sanctioned under this plan is 1 lakhs and the maximum loan amount can be up to 85% of the entire cost of the property. This loan plan is applicable for purchasing, constructing, amplification, restoration or for buying a land to construct a house. The tenure period for this loan plan can be of maximum 20 years.

Griha sudhar – this housing loan plan offered by LIC is specially designed for the reconstruction or refurbishment of housing property. The maximum loan amount that can be borrowed under this scheme is around 10 lakhs and the interest rate varies from city to city.

Griha shobha – Griha Shobha is a housing loan scheme offered by LIC, especially for the Indians who are settled in abroad. The minimum loan amount for this scheme is around 5 lakhs and the tenure period to repay the loan can be from 10 – 15 years. This scheme includes the construction, renovation and purchase of housing property.

There are some criterions to enjoy the LIC housing loans. They are;

The minimum annual income required to avail the housing loan from LIC is 1.5 lakhs.

Housing finance is provided to NRI’s also if they provide their valid Indian passport.

To enjoy the LIC housing loans, salaried employees should be of the age group 25 -58 years and self-employed individuals should be between 21 – 70 years of age.

LIC of India offers housing loans at very attractive interest rates. They are not only affordable to the customers but also easily repayable. The fixed interest rate charged by the bank for a period of 0 -20 years is 10.5% – 11% per annum. The floating rate of interest charged by LIC is 9.5% per annum.

Now it’s not an impossible task to earn a home with the housing loans offered by LIC.